Finance Minister chairs meeting to finalize modalities for launching EXIM Bank of Pakistan

Islamabad, December 03, 2015 (PPI-OT): The Finance Minister, Senator Mohammad Ishaq Dar chaired a meeting here on Thursday to finalize the modalities for launching the EXIM Bank of Pakistan. Senior officials concerned of the Ministry of Finance, Governor State Bank of Pakistan and other SBP officials were present in the meeting.

The meeting was informed that the Bank having a paid up capital of Rs. 10 billion. An amount of Rs. 7 billion would be released for the equity fund on 4th January 2016 and notification to the effect would be issued on 5th of January 2016. Later on 4th of April 2016 another Rs. 3 billion would be released.

Establishment of the bank will give a boost to export focused SME’s in the country by offering them access to export credit and providing insurance of export receivables, the meeting observed. The Finance Minister appreciated the support of the State bank of Pakistan in setting up the EXIM Bank and gave guidance to the effect that the bank should begin operations at the earliest.

Various steps necessary for early operationalization of the Bank were also discussed in detail. The Finance Minister on this occasion also added that as announced, the present government has fulfilled its promise of setting up the EXIM Bank with the primary objective of augmenting the country’s exports.

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